Work on Family Entertainment Centre in Johor progressing well
Published: 2011/12/28

KUALA LUMPUR: The Family Entertainment Centre (FEC), a four-storey indoor theme park which will be home to the first Hello Kitty Town in southern Asia, is 80 per cent complete.

Themed Attractions and Resorts Sdn Bhd managing director and chief executive Tunku Ahmad Burhanuddin said work on the FEC is progressing well and it is slated for opening by the end of next year.

“At present, progress for the FEC is well under way and has reached 80 per cent completion. We are looking forward to its opening end of 2012,” Tunku Ahmad said in a statement.

According to the statement, Sanrio Co Ltd top executives recently visited Puteri Harbour, Johor, to view the progress of the FEC, which will house Sanrio’s first Hello Kitty Town in southern Asia.

Besides Hello Kitty Town, FEC will house popular global children’s characters under The Little Big Club, showcasing Thomas and Friends, Barney the Friendly Dinosaur, Bob the Builder, Pingu the Penguin and Angelina Ballerina.

“We are proud to bring the Hello Kitty Town experience to Malaysian families in continuing our vision of providing the best family entertainment for both our local and international visitors,” Tunku Ahmad said.

Besides the Hello Kitty character as well as My Melody and Little Twin Stars, Hello Kitty Town offers Hello Kitty merchandises, stage shows, songs and dance as well as the Hello Kitty Tea Party.

FEC will house popular global children’s characters under The Little Big Club, showcasing Thomas and Friends, Barney the Friendly Dinosaur, Bob the Builder, Pingu the Penguin and Angelina Ballerina.

It will introduce a unique Malaysian touch with the opening of LAT’s World, conceptualised by popular local cartoonist Lat, and featuring elements of his well-loved cartoon character, Kampung Boy.

The restaurant there will feature authentic Malay cuisine in a “kampung” setting.

Puteri Harbour is a mixed hotel, retail and entertainment complex along the Johor coastline.

The 275.2ha development combines entertainment and culture with the experience of waterfront living and dining in a natural setting.

JOHOR BARU: Princess Catherine, the Duchess of Cambridge, is expected to open the Marlborough College in Nusajaya during a visit to the state with her husband, Prince William.

Still famously known by her maiden name Kate Middleton, she and William will visit Johor in September as part of their tour to several countries in conjunction with the Queen Elizabeth II Diamond Jubilee celebrations.

“Arrangements are being made with the British High Commission to bring the royal couple here,” said Iskandar Regional Development Authority (Irda) chief executive officer Ismail Ibrahim at the European Union (EU)-Johor Day yesterday.

He added that it would be a historic moment for the college to be opened by Catherine, who is herself a former student from the main campus in the United Kindgom and the future Queen of England.

The RM160mil college in Nusajaya is currently under construction and is UK’s Marlborough College’s first overseas campus since it was founded in 1843.

It is located near Iskandar Malaysia’s EduCity, an educational hub of primary, secondary and tertiary institutions from around the world.

It will be fully equipped with teaching facilities, comprehensive sporting facilities, including eight rugby fields, a 400m running track, a 25m swimming pool and cricket pitches.

At the age of 13, Catherine, now 30, went to the Marlborough College in Wilthshire where she studied chemistry, biology and art for her A-levels.

She left the college in July 2000.

Meanwhile, ambassadors and Charges d’Affaires from 15 EU missions, led by Ambassador and Head of EU Vincent Piket, will be in Johor Baru until tomorrow to look at investment opportunities offered by Iskandar Malaysia.

Ismail said in the manufacturing sector, Spain was the biggest EU investor in Iskandar Malaysia with RM4bil, followed by Netherlands with RM1.7bil, and Germ*any with RM1.5bil.

He said Britain was the main player in Iskandar Malaysia’s service sector with investments which include New Castle Medicine University Malaysia (RM83mil), Iskandar Pinewood Studios (RM400mil), Southamp*ton University (RM25mil) and Reading University (RM150mil).

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"The market is beginning to shine for south Johor. We are leveraging on our proximity to Singapore. If we are not next to Singapore, I don't think we can enjoy the benefits that we are reaping like demand for our properties, and price increases," he said.

CIMB Research is maintaining its trading "buy" call or target price for UEM Land at RM2.56.

Its research head Terence Wong said the potential re-rating catalysts include positive news flow on Nusajaya and strong sales in the second half of 2012.

The stock closed two sen down yesterday to RM1.94

Wan Abdullah said UEM Land will launch new catalyst projects in Johor, including condominiums.

He hopes UEM Land will do better in the current fiscal year, helped by sales from its on-going projects in Johor, Greater Kuala Lumpur and Canada.

UEM Land targets to launch projects to the tune of RM4.5 billion this year, and achieve RM3 billion in sales. It has so far achieved sales of RM600 million.

Any news on the lifestyle mall -- JV between Khazanah and Temasek (next to Legoland)? Phase 1A is supposed to open with Legoland.

seems gonna be a delay to the lifestyle mall, as informed by a staff at the imperia condo gallery when i visited recently.
even the CIQ jetty cannot make it in time to operate by year end, accordring to him. Most likely within 1st Q 2013.

seems gonna be a delay to the lifestyle mall, as informed by a staff at the imperia condo gallery when i visited recently.
even the CIQ jetty cannot make it in time to operate by year end, accordring to him. Most likely within 1st Q 2013.

CIQ definitely won't be ready this year. Not surprised the lifestyle mall will be delayed, since there hasn't been any recent news on it...

Maintain buy with target price of RM1.06: Ireka announced that its wholly-owned subsidiary, Ireka Engineering & Construction Sdn Bhd has accepted a letter of award from UEM Land Holdings Bhd for the construction of a proposed mixed development project in Puteri Harbour, Iskandar Malaysia in Johor at a contract sum of RM268.6 million.

The project comprises: (i) one 35-storey block of serviced apartments (246 units) with a 5-storey car park and recreational facilities and swimming pool; (ii) one 16-storey office tower with a 3-storey car park; (iii) one single-storey commercial block; and (iv) a single-level car park in the basement.

The contract is for a period of 24 months, commencing on Aug 1, and completing on July 13, 2014. The management expects the project to contribute to group earnings from FY13.

The new contract is timely in view of the group's depleting outstanding construction order book, which stood at about RM240 million as at end-April 2012.

However, we are not adjusting our FY13 to FY15 forecasts as the new award is within the new contract wins we have assumed to enable the group to achieve forecast annual construction billings of about RM400 million per year.

In addition to new contract wins, we continue to look forward to significant profit contributions from the four property development projects (with an estimated total gross development value of RM1.4 billion) the group is working on, with two expected to commence in 2H12.

Ireka's share price has recovered some ground lately but is still trading at a low CY13 price earnings ratio of 5.4 times and 39% of our estimated revalued net asset value of RM1.76. We maintain our "buy" call. — Affin Investment Bank, June 19